Cushman & Wakefield Completes Acquisition Of Sonnenblick Goldman
23 Jul, 2007, New York, NY
Global firm will focus on all commercial real estate asset classes and hospitality sales
Cushman & Wakefield, the world’s largest privately held commercial real estate services firm, today announced the completion of its acquisition of real estate investment banking specialist Sonnenblick Goldman. The debt and equity finance firm will be renamed Cushman & Wakefield Sonnenblick Goldman, capitalizing on the brand equity of both firms.
The acquisition represents a continued expansion of Cushman & Wakefield’s Global Capital Markets platform, adding Sonnenblick Goldman’s reputation for leadership in real estate financing and hospitality sale and finance transactions. The firm will provide highly specialized debt structuring, mortgage banking, equity raising, brokerage and associated advisory services to real estate owners, investors and developers.
Steve Kohn, president of Sonnenblick Goldman, has been named president of Cushman & Wakefield Sonnenblick Goldman. Tom MacManus, executive vice president and head of Cushman & Wakefield’s Debt & Equity Finance practice, has been appointed chairman and chief executive officer.
The six principals of Sonnenblick Goldman will continue to maintain a significant ownership position in the new entity. Mark Gordon, a managing director and principal of Sonnenblick Goldman’s International Lodging and Leisure Group, has been appointed executive vice president and head of Cushman & Wakefield’s Hospitality Group in the United States. Andrew Oliver will direct the debt capital markets group. Robert Stiles, who currently oversees all West Coast operations for Sonnenblick Goldman will continue in that capacity. Richard Swartz will run the Boston office for Cushman & Wakefield Sonnenblick Goldman and Douglas Hercher will focus on the firm’s fund-raising business through Cushman & Wakefield Securities Inc., among other Capital Markets activities.
Sonnenblick Goldman is a premier real estate investment banking and financial services firm, specializing in providing integrated capital solutions for all asset classes. The firm is also a recognized industry leader in the financing and sale of hospitality and leisure properties. The company, which was founded in New York in 1893, has operations in North America, Asia and Australia. Cushman & Wakefield Sonnenblick Goldman's New York headquarters will be located at 712 Fifth Ave.
Bruce Mosler, president and chief executive officer of Cushman & Wakefield, said, “this acquisition provides our global clients with access to world-renowned expertise, a broad array of capital sources and most significantly unsurpassed debt and equity finance capabilities.”
“Cushman & Wakefield Sonnenblick Goldman will provide optimal capital solutions for the clients of the combined firms,” said Mr. MacManus. “We share a commitment to focus intensely on our clients’ capital objectives providing tailored solutions with the highest quality of service. We’re looking forward to bolstering our competitive position by leveraging this very high caliber talent pool we have acquired.”
“The combination of Cushman & Wakefield’s full service global platform and Sonnenblick Goldman’s capital markets expertise and relationships will result in a real estate investment banking powerhouse,” said Mr. Kohn. “The strategic synergies with Cushman & Wakefield’s premier investment sales teams are already bearing fruit.”
Mr. Gordon said, “Sonnenblick Goldman’s longstanding track record of executing complex hospitality sale and finance transactions in the United States, and Cushman & Wakefield’s strong international presence, will enable us to create a truly global full-service hospitality advisory practice.”
Cushman & Wakefield is one of the world’s leading providers of real estate Capital Markets expertise. In 2006, the firm completed more than $50 billion in property sales and financings globally, and appraised properties valued at more than $500 billion. It manages more than $7 billion in real estate investments in Europe and Asia, through private accounts and investment funds, and operates more than 200 offices in 55 countries.
Sonnenblick Goldman is typically involved in some of the world’s most prominent real estate transactions, completing capital transactions totaling approximately $7.5 billion in 2006. Last year, it arranged a $390 million financing for 485 Lexington Ave. in New York, a $300 million refinancing for the world famous Beverly Hilton Hotel in Beverly Hills, Calif., a $208 million construction loan for the Panorama North luxury high-rise in Las Vegas, the $237 million sale of the Marriott Aruba Resort & Casino, and a $90 million debt financing for Watermark Apartment Tower in Cambridge, Mass., among many others.
About Cushman & Wakefield Sonnenblick Goldman
The formation of Cushman & Wakefield Sonnenblick Goldman establishes the industry’s premier independent real estate investment banking firm. The firm was founded in 1893 to serve the financing needs of the real estate industry, and today provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services on a global basis. Further information can be found at the firm’s website at www.sonngold.com.
About Cushman & Wakefield
Cushman & Wakefield is the world’s preeminent commercial real estate services firm. Founded in 1917, the firm has 201 offices in 55 countries, and more than 12,000 professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease and manage assets. The firm also provides valuation advice, strategic planning and research, portfolio analysis, site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, visit www.cushmanwakefield.com.